Gen Z


Members of the Gen Z years were born between 1997 and 2012. So as of 2023, the Gen Z age range is anywhere from 11 to 26. They are commonly referred to as the first fully “digitally native” generation. They grew up with social media and smartphones—they’re used to living in a digital-first world.


Owning a home poses a formidable hurdle for Generation Z, particularly for those lacking parental assistance. Many find themselves compelled to postpone starting a family in order to amass savings, while others reluctantly embrace a perpetual cycle of renting.

Twenty-three-year-old Isaac Kelleher, residing in a shared household on the outskirts of Melbourne, is resolute about achieving homeownership before embarking on family life. Despite his determination, Isaac acknowledges the limitations of budgeting and saving in today’s volatile market. Consequently, he anticipates delaying parenthood until his mid-thirties due to the unlikelihood of affording a mortgage anytime soon.

Former censured real estate agent forced to close her F45 gyms

Isaac’s predicament is not unique. For numerous individuals his age, prioritizing long-term financial stability overshadows immediate pleasures like vacations or dining out. However, the harsh reality of homeownership feels insurmountable for many, given the formidable challenges ahead.

Jemma and Liam Conley, both 24 and recently married in Launceston, have diligently saved for years to purchase a home. Despite accumulating a $50,000 deposit, their aspirations have been thwarted by various obstacles, including job instability and unattainable mortgage repayments. The elusive dream of homeownership, coupled with the inadequacy of financial incentives like the First Home Owners Grant, perpetuates their sense of hopelessness.

Newlyweds Jemma and Liam Conley have struggled to afford a home despite saving for years. Picture: Supplied

For Generation Z, the prospect of owning a home remains daunting, with only a fraction confident in their ability to realize this goal. Escalating house prices, compounded by stagnant wage growth and rising interest rates, exacerbate the challenges faced by younger cohorts. Unlike previous generations, whose frugality and saving habits facilitated property ownership, today’s youth are confronted with an exorbitant initial deposit requirement, rendering traditional strategies insufficient.

At the heart of this crisis lies a severe housing shortage, with demand eclipsing the available supply. Consequently, property prices continue to soar, perpetuating a vicious cycle of unattainability. Despite these adversities, experts encourage Generation Z not to succumb to despair, emphasizing the long-term benefits of homeownership.

Nevertheless, the road to homeownership remains fraught with obstacles, prompting calls for government intervention. While proposed solutions such as shared equity programs offer a glimmer of hope, systemic reforms are imperative to address the widening gap between property owners and renters.

In the absence of immediate remedies, Generation Z must devise personalized strategies to navigate the housing market’s complexities. Whether through rentvesting or embracing compromises in property type or location, resilience and adaptability are essential traits for aspiring homeowners like Isaac, who remain steadfast in their pursuit of a place to call their own.